The keynote address was delivered by PK Balaji, deputy general manager, SBI, who highlighted the need for farmers to come into the banking fold and said that in the long run, farmers would be greatly benefited by demonetisation and digitisation.

Dinesh Shahra, founder and managing director, Ruchi Soya Industries Limited, said, “We are delighted to be partnering SBI, India’s largest bank, which has a large rural reach to launch this banking initiative for farmers.”

“Our prime minister’s demonetisation move to eradicate black money is a great step, as increased transparency and credit access will go a long way in developing India's agricultural sector which accounts for employment of over 50 per cent of the Indian population,” he added.

“Access to the banking system will provide necessary credit for investment in the agrarian sector which will create more jobs and opportunities in India's hinterland,” Shahra stated.

Shahra added, “I’m hopeful that more corporates and institutions will come forward and participate in the process of educating and empowering the rural farmers and make them truly DigitalKisan.”

The Kisan Kalyan Ayojaninitiative will help the farmers in the following ways:

? Opening of bank accounts of farmers/agricultural labourers ? Procuring produce directly from farmers at the right price ? Ensuring farmers receive their payment immediately through Internet banking ? Maintaining banking helpdesks for farmers coming to sell off their produce in mandis? Educating farmers on the banking process through awareness seminarsTo start off, banking assistance will be provided to soybean farmers in Indore, Samwer, Manglia and Ujjain mandis in Madhya Pradesh. Ruchi Soya plans to expand this programme across the country, encompassing other states like Maharashtra, Rajasthan, Andhra Pradesh and Gujarat.

Ruchi Soya is associated with ten million farmers across the country through crops like soybean, mustard and palm.